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TinyURL Redirection Script ..... ?

I'll be starting my own url redirection service shortly. I'm not trying to reinvent the wheel here but since I need to use these services frequently, I thought I might have my own redirection service.

While I'm at that, I'll like to ask YOU some questions:
1) Would you prefer a "keep it simple" approach (like Tinyurl)? Or would you prefer to have advanced features such as passworded redirection? Tracking?
2) What suggestions would you have to improve sites like tinyurl?

Finally ... if you can recommend some PHP redirection script with tracking features (that i can get either for free/paid), I'll be most grateful.

I think you could get good traffic for one. Doesn't require a lot of resources to operate. Have you already looked at hotscripts.com? http://urlgap.com/ sells a script. I'm not sure if it's something that you would be interested in. Good look with the production of your site.